Kilroy Realty Corporation Completes $15.0 Million Common Equity Placement
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LOS ANGELES, March 26 -- Kilroy Realty Corporation (NYSE: KRC) announced today the sale of 546,697 shares of Common Stock at a price of $27 7/16 per share. Net proceeds of approximately $14.2 million will be used to reduce the balance of the company's revolving line of credit.
EVEREN Securities, Inc. served as underwriter for the offering. It is anticipated that the shares will be deposited by EVEREN Securities in a registered unit investment trust comprised of a number of publicly-traded real estate investment trusts. The transaction is scheduled to close on March 30, 1998.
Kilroy Realty Corporation owns, operates and develops office and industrial properties, primarily in California. At December 31, 1997, the company owned 4.2 million square feet of commercial office space and 5.0 million square feet of industrial space.